Intrinsic value of PTC - PTC

Previous Close

$61.44

  Intrinsic Value

$9.49

stock screener

  Rating & Target

str. sell

-85%

Previous close

$61.44

 
Intrinsic value

$9.49

 
Up/down potential

-85%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PTC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -9.08
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,141
  1,164
  1,191
  1,221
  1,256
  1,294
  1,335
  1,381
  1,430
  1,483
  1,540
  1,601
  1,666
  1,735
  1,809
  1,887
  1,969
  2,057
  2,149
  2,247
  2,350
  2,459
  2,574
  2,695
  2,823
  2,957
  3,099
  3,248
  3,404
  3,569
  3,743
Variable operating expenses, $m
 
  365
  371
  378
  385
  393
  402
  412
  422
  434
  446
  342
  356
  370
  386
  403
  420
  439
  459
  480
  502
  525
  549
  575
  603
  631
  661
  693
  727
  762
  799
Fixed operating expenses, $m
 
  859
  880
  902
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,155
  1,184
  1,214
  1,244
  1,275
  1,307
  1,340
  1,373
  1,407
  1,443
  1,479
  1,516
  1,554
  1,592
  1,632
  1,673
  1,715
  1,758
Total operating expenses, $m
  1,178
  1,224
  1,251
  1,280
  1,310
  1,341
  1,374
  1,408
  1,443
  1,481
  1,519
  1,442
  1,483
  1,525
  1,570
  1,617
  1,664
  1,714
  1,766
  1,820
  1,875
  1,932
  1,992
  2,054
  2,119
  2,185
  2,253
  2,325
  2,400
  2,477
  2,557
Operating income, $m
  -37
  -61
  -61
  -59
  -54
  -48
  -39
  -27
  -13
  3
  22
  160
  183
  210
  238
  270
  305
  343
  384
  428
  476
  527
  582
  641
  705
  772
  845
  922
  1,005
  1,093
  1,186
EBITDA, $m
  50
  77
  77
  79
  84
  92
  102
  114
  129
  146
  166
  188
  212
  240
  270
  303
  339
  379
  421
  467
  517
  570
  627
  688
  754
  824
  899
  979
  1,064
  1,155
  1,252
Interest expense (income), $m
  0
  26
  27
  29
  30
  32
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
  98
  104
  110
  117
  124
  131
  138
Earnings before tax, $m
  -67
  -87
  -88
  -88
  -85
  -79
  -72
  -62
  -51
  -37
  -21
  115
  136
  159
  185
  213
  244
  278
  315
  355
  398
  445
  495
  549
  607
  669
  735
  806
  881
  962
  1,048
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  31
  37
  43
  50
  58
  66
  75
  85
  96
  108
  120
  134
  148
  164
  181
  198
  218
  238
  260
  283
Net income, $m
  -54
  -87
  -88
  -88
  -85
  -79
  -72
  -62
  -51
  -37
  -21
  84
  99
  116
  135
  156
  178
  203
  230
  259
  291
  325
  361
  401
  443
  488
  536
  588
  643
  702
  765

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  297
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,346
  2,089
  2,138
  2,192
  2,254
  2,322
  2,397
  2,479
  2,567
  2,663
  2,765
  2,874
  2,991
  3,115
  3,247
  3,387
  3,536
  3,693
  3,859
  4,034
  4,220
  4,415
  4,622
  4,839
  5,068
  5,309
  5,563
  5,831
  6,112
  6,408
  6,720
Adjusted assets (=assets-cash), $m
  2,049
  2,089
  2,138
  2,192
  2,254
  2,322
  2,397
  2,479
  2,567
  2,663
  2,765
  2,874
  2,991
  3,115
  3,247
  3,387
  3,536
  3,693
  3,859
  4,034
  4,220
  4,415
  4,622
  4,839
  5,068
  5,309
  5,563
  5,831
  6,112
  6,408
  6,720
Revenue / Adjusted assets
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
Average production assets, $m
  333
  340
  348
  357
  367
  378
  390
  403
  418
  433
  450
  467
  486
  507
  528
  551
  575
  601
  628
  656
  686
  718
  752
  787
  824
  864
  905
  948
  994
  1,042
  1,093
Working capital, $m
  -12
  -315
  -323
  -331
  -340
  -351
  -362
  -374
  -388
  -402
  -417
  -434
  -451
  -470
  -490
  -511
  -534
  -557
  -582
  -609
  -637
  -666
  -698
  -730
  -765
  -801
  -840
  -880
  -923
  -967
  -1,014
Total debt, $m
  752
  783
  818
  858
  904
  954
  1,009
  1,069
  1,134
  1,203
  1,278
  1,359
  1,444
  1,535
  1,632
  1,735
  1,844
  1,959
  2,081
  2,210
  2,346
  2,490
  2,641
  2,801
  2,969
  3,146
  3,333
  3,529
  3,735
  3,953
  4,181
Total liabilities, $m
  1,503
  1,534
  1,569
  1,609
  1,655
  1,705
  1,760
  1,820
  1,885
  1,954
  2,029
  2,110
  2,195
  2,286
  2,383
  2,486
  2,595
  2,710
  2,832
  2,961
  3,097
  3,241
  3,392
  3,552
  3,720
  3,897
  4,084
  4,280
  4,486
  4,704
  4,932
Total equity, $m
  843
  556
  569
  583
  600
  618
  638
  659
  683
  708
  735
  765
  796
  829
  864
  901
  940
  982
  1,026
  1,073
  1,122
  1,174
  1,229
  1,287
  1,348
  1,412
  1,480
  1,551
  1,626
  1,705
  1,787
Total liabilities and equity, $m
  2,346
  2,090
  2,138
  2,192
  2,255
  2,323
  2,398
  2,479
  2,568
  2,662
  2,764
  2,875
  2,991
  3,115
  3,247
  3,387
  3,535
  3,692
  3,858
  4,034
  4,219
  4,415
  4,621
  4,839
  5,068
  5,309
  5,564
  5,831
  6,112
  6,409
  6,719
Debt-to-equity ratio
  0.892
  1.410
  1.440
  1.470
  1.510
  1.540
  1.580
  1.620
  1.660
  1.700
  1.740
  1.780
  1.820
  1.850
  1.890
  1.930
  1.960
  1.990
  2.030
  2.060
  2.090
  2.120
  2.150
  2.180
  2.200
  2.230
  2.250
  2.280
  2.300
  2.320
  2.340
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -54
  -87
  -88
  -88
  -85
  -79
  -72
  -62
  -51
  -37
  -21
  84
  99
  116
  135
  156
  178
  203
  230
  259
  291
  325
  361
  401
  443
  488
  536
  588
  643
  702
  765
Depreciation, amort., depletion, $m
  87
  137
  138
  138
  139
  140
  140
  141
  142
  143
  144
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  65
Funds from operations, $m
  311
  50
  49
  51
  54
  60
  68
  79
  91
  106
  123
  112
  128
  146
  166
  189
  213
  239
  268
  298
  332
  368
  406
  448
  492
  540
  591
  645
  703
  765
  830
Change in working capital, $m
  128
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
Cash from operations, $m
  183
  57
  57
  59
  64
  71
  80
  91
  105
  121
  139
  128
  146
  165
  186
  210
  235
  263
  293
  325
  360
  397
  437
  481
  527
  576
  629
  685
  745
  809
  877
Maintenance CAPEX, $m
  0
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
New CAPEX, $m
  -26
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
Cash from investing activities, $m
  -237
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -51
  -55
  -57
  -60
  -63
  -67
  -69
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -103
  -108
  -113
Free cash flow, $m
  -54
  30
  29
  29
  32
  38
  45
  55
  66
  80
  96
  84
  99
  116
  135
  155
  178
  203
  230
  259
  290
  324
  361
  400
  442
  488
  536
  588
  643
  702
  764
Issuance/(repayment) of debt, $m
  90
  31
  35
  40
  45
  50
  55
  60
  65
  70
  75
  80
  86
  91
  97
  103
  109
  115
  122
  129
  136
  144
  151
  160
  168
  177
  186
  196
  207
  217
  229
Issuance/(repurchase) of shares, $m
  0
  97
  101
  102
  101
  97
  92
  84
  74
  62
  48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  52
  128
  136
  142
  146
  147
  147
  144
  139
  132
  123
  80
  86
  91
  97
  103
  109
  115
  122
  129
  136
  144
  151
  160
  168
  177
  186
  196
  207
  217
  229
Total cash flow (excl. dividends), $m
  5
  157
  165
  172
  179
  185
  192
  198
  205
  212
  219
  164
  184
  207
  231
  258
  287
  318
  352
  388
  426
  468
  512
  560
  611
  665
  722
  784
  849
  919
  993
Retained Cash Flow (-), $m
  17
  -97
  -101
  -102
  -101
  -97
  -92
  -84
  -74
  -62
  -48
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
Prev. year cash balance distribution, $m
 
  297
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  358
  64
  70
  78
  88
  100
  114
  131
  150
  171
  135
  153
  174
  196
  221
  247
  276
  307
  341
  377
  416
  457
  502
  550
  600
  655
  713
  774
  840
  910
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  334
  55
  56
  57
  59
  60
  62
  62
  63
  62
  42
  40
  38
  35
  32
  29
  25
  22
  18
  15
  12
  10
  7
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  97.9
  95.9
  93.9
  92.0
  90.2
  88.7
  87.3
  86.2
  85.2
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6

PTC Inc. is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications. Its segments include the Solutions Group, the IoT Group and Professional Services. The Solutions Group segment includes its CAD, PLM and SLM products. The IoT Group segment includes its IoT, analytics and augmented reality (AR) solutions. The Professional Services segment includes consulting, implementation and training business. Its IoT products include ThingWorx, KEPServerEX, Vuforia Studio and Vuforia. Its CAD products include Creo and Mathcad. Its PLM products include Windchill, Integrity, Navigate and Creo View. Its SLM products include Servigistics and Arbortext.

FINANCIAL RATIOS  of  PTC (PTC)

Valuation Ratios
P/E Ratio -130.8
Price to Sales 6.2
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 38.6
Price to Free Cash Flow 45
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.1%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 89.2%
Total Debt to Equity 89.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71.4%
Gross Margin - 3 Yr. Avg. 72.4%
EBITDA Margin 1.8%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin -3.2%
Oper. Margin - 3 Yr. Avg. 4.8%
Pre-Tax Margin -5.9%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -4.7%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. -14.8%
Payout Ratio 0%

PTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTC stock intrinsic value calculation we used $1141 million for the last fiscal year's total revenue generated by PTC. The default revenue input number comes from 2016 income statement of PTC. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PTC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.9%, whose default value for PTC is calculated based on our internal credit rating of PTC, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PTC.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PTC stock the variable cost ratio is equal to 31.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $838 million in the base year in the intrinsic value calculation for PTC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for PTC.

Corporate tax rate of 27% is the nominal tax rate for PTC. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PTC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PTC are equal to 29.2%.

Life of production assets of 16.7 years is the average useful life of capital assets used in PTC operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PTC is equal to -27.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $843 million for PTC - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 115.613 million for PTC is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PTC at the current share price and the inputted number of shares is $7.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to PTC, Inc. : December 5, 2017   [Dec-05-17 01:15PM  Capital Cube]
▶ The Boston Globe Names PTC a Top Place to Work for 2017   [Nov-20-17 09:00AM  Business Wire]
▶ PTC to Participate in Three Upcoming Investor Conferences   [Nov-02-17 02:50PM  Business Wire]
▶ More room to run for software stocks like Adobe   [Oct-31-17 07:05PM  CNBC Videos]
▶ P T C Meets 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ PTC Inc. misses 4Q profit forecasts   [Oct-25-17 06:05PM  Associated Press]
▶ PTC Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ What Is PTC Incs (PTC) Share Price Doing?   [Oct-12-17 04:34PM  Simply Wall St.]
▶ Averna Becomes a PTC Platinum Partner   [07:00AM  PR Newswire]
▶ PTC to Exhibit at IoT Solutions World Congress 2017   [Sep-14-17 09:00AM  Business Wire]
▶ PTC to Move Global Headquarters to Boston Seaport   [Sep-07-17 10:30AM  Business Wire]
▶ PTC to Participate in Upcoming Investor Conference   [Aug-21-17 04:01PM  Business Wire]
▶ PTC and KPIT Launch Center of Excellence   [Aug-09-17 12:00PM  Business Wire]
▶ PTC, Inc. Value Analysis (NASDAQ:PTC) : August 4, 2017   [Aug-03-17 11:15PM  Capital Cube]
▶ PTC Saddened by Death of Board Member Renato Zambonini   [Jul-25-17 05:00PM  Business Wire]
▶ IBD Rating Upgrades: P T C Flashes Improved Price Strength   [Jul-24-17 03:00AM  Investor's Business Daily]
▶ PTC Inc. reports 3Q loss   [Jul-19-17 09:34PM  Associated Press]
▶ ETFs with exposure to PTC, Inc. : July 10, 2017   [Jul-10-17 03:04PM  Capital Cube]
▶ ETFs with exposure to PTC, Inc. : June 27, 2017   [Jun-27-17 03:34PM  Capital Cube]
▶ Leading Innovative Companies Select PTC Creo CAD Software   [Jun-15-17 10:30AM  Business Wire]
▶ PTC to Participate in Two Upcoming Investor Conferences   [May-25-17 07:01AM  Business Wire]
Financial statements of PTC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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